Flipping Homes in the
Chicago Metro Area

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Chicago Area Flipping Properties Latest
Trend Report

Located along the southwestern side of Lake Michigan, the Chicago-Naperville-Elgin metro area is home to approximately 9.5 million residents, some of the most well-known sports franchises in the country and the nation’s third largest business airport – Chicago O’Hare.

Known as Chicagoland, the metro area – comprised of 3.8 million housing units within its 10,857 square miles – saw some interesting trends occur on home flipping among the nation’s 10 most populous metro areas during the third quarter of 2021.

Q3 2021 Home Flipping Figures for the Chicago Market

Total Number of Flips1,863
Home Flipping Rate3.5%
Flipping Gross Profit$79,650
Gross Return on Investment46.9%

Other highlights from ATTOM’s third quarter of 2021 Home Flipping Report revealed the following details for the Chicago metro area:

  • Quarterly change in flipping rate was up 28 percent
  • Year Over Year change in flipping rate was down 9 percent
  • Median purchase price = $169,850
  • Median flipped price = $249,500

Home flips in the Chicago metro area during the third quarter of 2021 were down from their peak that occurred in the second quarter of 2005 when they numbered 2,904.

Investors paid cash for 64.7 percent of all properties being flipped in Chicago, while 35.3 percent of purchases were financed during the quarter. Those flipped properties that were sold to cash buyers in the third quarter of 2021 accounted for 32 percent of flipped homes while 14.3 percent were sold to FHA buyers.

Flipped homes in the Chicago metro area sold in the third quarter took an average 144 days to complete the flip.

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